Word: repairs
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...could go broke at any moment. As a whole, the industry is making money, but pitifully little. Railroad net income in 1971 totaled $355 million, or 2.7% of revenues-and much of that came from non-railroad operations. That is not enough to attract the loan money necessary to repair and modernize the railroads' vastly overbuilt network of tracks, yards and systems. Transportation Secretary John Volpe, a dedicated free-enterpriser, warns that large chunks of the railroads' total mileage must be scrapped immediately to save costs or the whole system will wind up broke and/or nationalized "within three...
Between 1966 and 1970, derailments doubled to 2,394 a year. Santa Fe President John Reed likens the situation to maintaining a house in good repair: "If you don't do a little every year, it eventually starts coming apart all at once." Volpe estimates that in order to keep up with expected increases in traffic, railroads will have to spend an awesome $36 billion or more on yard and track rebuilding and new rolling stock in the next ten to twelve years. That is roughly double their current annual rate of capital expenditures...
...numbers. On the whole, salaries and wages have been frozen, while the right of workers to strike has been abolished. The country is on its way to a "modernization" that will polarize the economy and cause such damage to the social fabric that it will be impossible to repair it by non-revolutionary means...
...prime target of the Communist invasion. So far, the North Vietnamese have been unable to slip past Bastogne and Birmingham, the ARVN 1st Division bases that guard the approaches to the city. Last week, Hué had a besieged look, nonetheless. No effort had been made to repair the walls and shrines that had been reduced to ruins four years earlier-the traditional period of mourning in Viet Nam-in the Tet offensive of 1968. At the university, faded signs on walls urged: SMASH THE ATTEMPT TO VIET-NAMIZE THE WAR. The students were out in the streets, canvassing...
...warnings about a carbon monoxide leak in Chevrolet bodies and had transferred him to other tasks. When Nader and Gregory publicized the defect, G.M. in 1969 had to recall 3,000,000 cars. G.M. not only gave Gregory a $10,000 savings bond for the suggestion that helped repair the defect, but he was reinstated in his old job, and has since pointed out other defects that have led to the recall of about 4,000,000 more cars...